The SMSF Auditor Skillset – 5 program on demand webinar series

are now available on demand for immediate viewing.

THE PROGRAMS

Program 1: LRBAs: Keeping Ahead of the Changes

This session looks at recent ATO determinations and their impact on LRBA arrangements, with a focus on the practical implications for auditors. It includes:

• Identifying an ‘intermediary’ LRBA
• ATO’s intermediary LRBA determination - its meaning and effect
• The impact of s71 (8) SIS Act
• Compliance issues with keeping the property in the bare trust’s name once LRBA paid out
• Total super balances and outstanding LRBA balances
• SMSFs and related party borrowings - ATO clarifications explained

Program 2: Auditing the Investment Strategy

SMSF auditors may understand the importance of the investment strategy but what this means in practice requires a bit more consideration. This session looks at the key issues, including:

• Audit procedures for investment strategies - an overview
• Ensuring the diversification requirement is met
• Considering liquidity needs of fund
• Bringing investment strategy problems to attention of trustees
• Investment strategy compliance breaches - the what, when and how
• ATO guidelines on auditor’s role
• How has COVID-19 impacted the investment strategy?
• Understanding what the auditor cannot do

Program 3: Super Contributions and the SMSF Auditor’s Role

Contributions have a wide definition under taxation rulings, so the auditor has a consequentially important function. This session looks at the key areas, including:

• Type and tax status of contributions
• Understanding different types of concessional contributions
• Understanding trust deed requirements in respect to contributions
• Update on recent changes to contribution rules
• Changes to work test and spouse contributions
• Change to bring forward rules on non-concessional contributions
• The auditor’s role in relation to contributions
• Practical case studies

Program 4: The Question of Auditor Independence - What Must be Done and How

Auditors must be independent from the entity it audits. Sounds simple enough in theory, however recent changes have demonstrated that it is not as clear-cut in practice. This session looks at the key issues, including:

• Meeting the Independence Standards of the Code
• Understanding the APESB Independence Guide and the ATO response
• What this means for firm structure - are ‘ethical walls’ still permitted?
• What are the evidence requirements for new independence obligations?
• Understanding the hurdles to allow for inhouse audits
• Interaction of accounting standards and independence requirements
• Are there degrees of independence? - will pooling arrangements suffice?
• Case studies

Program 5: Auditing Pensions - Getting That Check List Right

This session provides a practical focus on what must be checked when a fund is in pension phase. It includes:

• What does the ATO want auditors to check - an overview
• Meeting an appropriate condition of release
• Do the financial statements support the pension valuation?
• Properly documenting any commutations
• Calculation of exempt current pension income with respect to pensions
• When the pension commenced, and payments have been paid
• Meeting minimum pension payment requirements
• Case study - some problem scenarios and what to watch